HAMBORNER REIT AG Reports Growth in Q1 2024

HAMBORNER REIT AG has reported an increase in revenue and earnings for the first quarter of 2024, continuing its growth trajectory from the previous year. The company's income from rents and leases rose by 3.1%, reaching €23.4 million, driven by property acquisitions and indexation clauses that adjusted the rents due to inflation. This led to a like-for-like rental income increase of 2.1% year-over-year.

The company also witnessed a 2.6% increase in Funds from Operations (FFO), amounting to €14.0 million, reflecting the positive impact of higher rents. The Net Asset Value (NAV) per share increased by 1.7% to €10.19. With a stable REIT equity ratio of 56.1% and reduced Loan-to-Value ratio at 42.6%, the company maintains a strong financial position.

No significant changes were reported in the company's property portfolio, which continues to consist of 67 office and retail properties valued at approximately €1.471 billion. The first quarter saw the company sign new lease contracts for about 19,000 square meters, predominantly in retail spaces, maintaining a 90% tenant retention rate.

Looking ahead, HAMBORNER REIT AG reconfirmed its full-year 2024 forecast, expecting income from rents and leases to be between €91.0 million and €92.5 million, and FFO to reach between €49.0 million and €50.5 million. The dividend has been proposed to increase to €0.48 per share, indicating a dividend yield of around 7.0% based on the current share price.